AFCA Rules change for legacy complaints approved by ASIC


ASIC office

Australian regulator ASIC informed today that it has approved changes to the Australian Financial Complaints Authority (AFCA) Rules which give effect to the AFCA authorisation condition introduced by Government on 19 February 2019.

The Government requires AFCA to give expanded access to the AFCA scheme for consumers and small businesses that were harmed by financial misconduct, dating back to 1 January 2008.

AFCA’s new Rules require that an eligible legacy complaint:

  • relates to a compulsory member of the AFCA scheme who is a member of the AFCA scheme at the time the complaint is made;
  • is not an excluded complaint; and
  • is made during the lodgment period,1 July 2019 to 30 June 2020.

These rules have already been approved by the Australian regulator.

AFCA has also released updated Operational Guidelines which give further guidance on how AFCA will deal with legacy complaints.

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AFCA Rules change for legacy complaints approved by ASIC

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